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Help! Capital one screwed us over.

Date: Tue, 06/08/2010 - 06:37

Submitted by jamie thomas
on Tue, 06/08/2010 - 06:37

Posts: Credits: [Donate]

Total Replies: 6


first of all, my mom has horrible credit 490. tried to get my older sister (college student) a car. we finally got approved at nissan for a brand new 2010 car nissan versa. car note = 310, car insurance = 300 with $500 down payment. (allstate) the thing is, the car is under my mom's name and not my sister's with her fairly good credit (611 i think). my mom has the income and my sister has the good credit score. the note is going to build mom's credit. OK after 2 days of ripping and running to prepare, (bank statements and address changing), the bank finally accepts my sister and we get the car! ALL OF A SUDDEN A LETTER COMES IN THE MAIL, AND CAPITAL ONE(the bank who approved us) calls and tells us how they made a mistake and will repo the car! what can i do!:confused:


You need to contact the dealer immediately. What they did is give you the car prior to final approval on the loan. This happens when you purchase a car after banking hours. They assumed that you would get the loan based on the criteria the bank gave them for applicants. However, when the underwriters at cap one looked at it they denied it. There is a possibility that the dealership can place your loan with another lender and you will be able to keep the car, but they may not have realized yet that cap one didn't take the loan. So call the dealership today! Believe me - they will want the car back as they have not been paid for it.

You need to understand that cap one is not repoing the car - the dealership needs it back because they haven't been paid for it.


lrhall41

Submitted by Debt Free to Be on Tue, 06/08/2010 - 08:49

( Posts: 412 | Credits: )